June 22, 2020 / 4:05 AM / 16 days ago

Italy - Factors to watch on June 22

The following factors could affect Italian markets on Monday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

For a complete list of diary events in Italy please click on .

CORONAVIRUS

Italy reported 24 deaths from COVID-19 on Sunday, compared with 49 a day earlier, the Civil Protection Agency said, while the daily tally of new cases stood at 224 from 262 on Saturday.

POLITICS

Italy’s budget deficit, currently projected to reach 10.4% of domestic output this year, is likely to expand further as the country tries to prop up the economy amid the coronavirus pandemic, Prime Minister Giuseppe Conte said on Sunday.

Conte said a single ultra-fast broadband network, a push towards digital payments and the transition to renewable energy sources would be among the planks of a September plan to relaunch the economy. (*) Conte is considering cutting the value added tax (VAT) to support consumption, several newspapers reported on Monday. Economy Undersecretary Laura Castelli told La Repubblica that the government could cut the tax starting from next year on sectors more hit by the coronavirus including restaurants and hotels.

DEBT

Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on June 25.

COMPANIES

FTSE share indexes revision effective as of Monday: INWIT and Interpump Group to replace Salvatore Ferragamo and BPER Banca in Italian blue-chip index after a quarterly reshuffle.

FIAT CHRYSLER

Italy is close to unveiling the approval of guarantees for a 6.3 billion euro ($7 billion) financing, two sources familiar with the matter said, paving the way for the largest crisis loan for a European carmaker.

If Fiat Chrysler or PSA-Peugeot should pull out of their planned merger they would have to pay a penalty of 500 million euros, Il Sole 24 Ore said on Saturday citing the Combination Agreement. The amount would be 250 million euros if it were the shareholders of the two groups to decide to stop the deal. A March 31 deadline has been set for shareholders to approve the merger so that the deal can be completed by June 30.

INTESA SANPAOLO, UBI BANCA

Italian market regulator Consob is expected to approve the document for Intesa Sanpaolo’s exchange offer for rival UBI Banca in the course of next week after the bank submitted late on Friday the investor prospectus following a final hearing with Italy’s antitrust authority, a person familiar with the matter said on Saturday.

ATLANTIA

The Italian infrastructure group is yet to submit a proposal which the government can accept to solve an impasse over its motorway concession but a decision on the matter must be taken soon, Prime Minister Giuseppe Conte said on Sunday.

The Benetton family has moved to July 21 a shareholder meeting to renew the board of holding company Edizione because it needs more time to find an accord on a new chief executive, la Repubblica reported on Sunday.

(*) CATTOLICA

Cattolica Chairman Paolo Bedoni told Corriere/L’Economia that he hoped Warren Buffett would remain the insurer’s key shareholder and buy into the capital increase that should be completed by autumn. The solvency ratio for the insurer increased to 133% last week, he added.

(*) FILA

Before the coronavirus crisis, the pencil maker was in talks for a potential partnership in China and was also looking to expand its business in India, the CEO of the group Massimo Candela told La Repubblica/Affari & Finanza on Monday. The health emergency has only slowed down those plans, he said. (*) DATALOGIC

The group is cutting marketing and advertising costs but will not scrap its plan to invest 70 million euros, CEO Valentina Volta told Corriere/L’Economia on Monday.

ENI

The Italian oil and gas group is weighing a sale of its energy exploration and production assets in Pakistan after operating in the country for about 20 years, people with knowledge of the matter said, Bloomberg News reported on Friday.

TELECOM ITALIA

The telecoms group’s Brazilian subsidiary TIM Participacoes SA said on Friday its board has approved an agreement of conduct adjustment with local regulator Anatel that includes around $120 million in spending to improve the quality of its services and customers’ experience.

Telecom Italia wrote a letter to the Industry Ministry saying it was ready to help bridge Italy’s digital divide in the next 15 months by rolling out fiber to the cabinet in rural areas - areas where it’s smaller rival Open Fiber won state-backed tenders, La Repubblica said on Saturday. It also said the group had a board meeting on June 25 where fiber developments and a possible tie up with Open Fiber could be discussed.

Italy’s Prime Minister has urged the CEOs of Enel and CDP to reach a solution on the single broadband project, La Stampa reported on Sunday, adding that Italy’s Treasury opposed TIM’s plan for CDP to swap its 50% stake in Open Fiber with TIM shares while Brussels opposed TIM’s idea of maintaining control of the network.

PM Conte said on Sunday a single broadband network for the country would be one of the plank of a plan to relaunch the economy which the government is set to present in September.

EXOR

The holding company of Italy’s Agnelli family said on Friday it had reopened for 200 million euros its October 2034 bond in a private placement reserved for institutional investors, paying a 2.66% yield.

SAFILO GROUP

The Italian eyewear maker said on Friday a licence agreement with fashion house Max Mara would end in October, adding the brand accounted for less than 2% of its 2019 sales.

ASSICURAZIONI GENERALI

The insurer sees a resilient operating performance this year, despite a likely drop versus 2019, with an expected “low-to-mid” three-digit figure impact from COVID-19 on the 2020 operating income, which the market reads as a 300-500 million euro hit, Il Sole 24 wrote on Sunday in its Letter to investors.

MEDIOBANCA

The Italian investment bank said on Friday it launched a 60 million euro voluntary buyback offer on nine outstanding certificates.

MEDIASET

In rejecting an appeal by France’s Vivendi against a previous ruling that cleared a planned reorganisation at Mediaset, a Milan court has said Vivendi is in a position of potential conflict with Mediaset and could have an interest in limiting Mediaset’s international expansion, the Italian broadcaster said on Friday.

Phoenix Tower International has offered to buy the telecom mast unit of Italy’s EITowers for 550 million euros, a source with knowledge of the matter said on Saturday.

CAMPARI

Controlling shareholder Lagfin said on Saturday it would buy between 28 and 32 million Campari shares on which investors have exercised withdrawal rights as part of the group’s plan to shift its registered office from Italy to the Netherlands.

IREN

The regional utility has won a tender to buy the waste management unit of Unieco, a company under liquidation, for a price of 90 million euros subject to adjustments, it said on Friday.

ESPRINET

The group said on Friday it had signed a binding agreement to buy the entire capital of GTI Software y Networking through its vehicle for Spanish operations Esprinet Iberica.

ALITALIA (unlisted)

The ailing airline said on Friday it was being charged higher fees by airports in Italy than its foreign competitors, and the practice was hampering its recovery as the sector emerges from the coronavirus crisis.

Trade ex dividend: EXOR of 0.43 euro per share; LEONARDO of 0.14 euro per share; POSTE ITALIANE of 0.309 euro per share as final 2019 dividend (0.154 euro per share as interim dividend on Nov. 18, 2019); SNAM of 0.1426 euro per share as final dividend (0.095 euro as interim 2019 dividend on Jan. 20, 2020); TELECOM ITALIA (TIM) of 0.01 euro per ordinary share and 0.0275 euro per saving share; TERNA of 0.1653 euro per share as final 2019 dividend (0.0842 euro per share as interim dividend on Nov. 18, 2019); ACEA of 0.78 euro per share; IREN of 0.0925 euro per share.

DIARY

Online conference on “Energy transition, relaunch or braking? The future of the Italian electrical system” with ARERA President Stefano Besseghini, Falck Renewables CEO Toni Volpe, Terna representative Luca Marchisio (0900 GMT).

algoWatt holds webconference on “Circular Economy and Reclamation: an opportunity for growth in the context of the ‘Green New Deal’” with Chairman and CEO Stefano Neri, Environment Minister Undersecretary Roberto Morassut (0900 GMT).

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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